In her will it states how much I paid towards the HP/escrow(x) throughout the years. It also states If any remaining mortgages & property expenses due (Y)and owing on my residences exceed the amount of kelly's purchase price after the credit is given. then her purchase price shall be increased in... Read more »
If I understand correctly you have a land contract where you are BUYING your mother's house for x dollars, but there is a mortgage against it in your mother's name for y dollars. The question is not whether X plus Y > value of the house. It is whether or not...Read more »
You are misinformed about MN law. In MOST states (and MN and WI are in that crowd) IF children inherit without a will, ALL children inherit equally. There are situations where children will NOT inherit without a will in MN (For example, if there is a surviving spouse who is also the parent of the...Read more »
You can sign your house over to anyone you like at any time. However, if you do this, it will affect your eligibility for Medicaid for 5 years. If you apply for Medicaid benefits (to pay for Nursing Home care, for instance) within 5 years of gifting your home (or anything else), you will incur a...Read more »
My sister-in-law collects SSI for a special needs son. If she is given the money, it will disqualify her for SSI. My mother-in-law has suggested a low or no interest loan that would be forgiven in her will. They live in Wisconsin. What are the legal issues that need to be considered.
This is FAR too complex a question for anyone to provide real advice in a forum like this. You NEED to consult with a local elder law / estate planning attorney and provide an opportunity to review all documents and discuss ALL of the situation. There are gift tax implications for a no-interest...Read more »
My mother had became very ill In late February. She wanted to transfer the deed into my name upon her death, sadly she passed away last monday before she could sign the paperwork. I know she wanted me to have the home I just don't no what to do now. She don't owe much on it maybe 9,000. My question... Read more »
If the house was in her name alone at the time of her death you need to go through probate to have it transferred now. Habitat for Humanity mortgages often contain 'unusual' clauses about transferring property so it would be wise to bring the paperwork to a local attorney to review to determine...Read more »
I am responsible for paying off my late husband's considerable medical bills because Wisconsin is a community property state.( he had cancer ) I am hoping that I can leave any money I may have at the time of my death to my son.I have no other debt and do not own any property.I am 60 yrs old.
Assuming you otherwise meet the means testing you can file bankruptcy to eliminate that debt. If your spouse were still alive you could have signed a post nup to prevent the debt from attaching to joint assets, but that ship has sailed. The only way to avoid the creditors from going after your...Read more »
I am paying off my late husband's medical bills, and will still not be paid by the time I die. I am 60 years old. I hope any meager amounts I may have in savings, etc. will not have to go to this bill.
Depending on circumstances, YOU may not have to pay your husbands bills. Your children certainly won't. Before you make another payment, I would strongly suggest you consult with a local attorney to review the paperwork and bills to determine if you can walk away. Don't be afraid to negotiate even...Read more »
My great grandpa dies back in September 2008 and my uncle was labeled as the trustee and he has simply diluted what was give to me to other family members with in his family also ive been alienated from the family since the passing of my great grandpa. My great grandpa lived in Wisconsin and his... Read more »
Went to a nursing home for an extended period of time-all property assets used up except for assets in will for son/daughter/grandchildren-will was made out before he went into nursing home-are the values in the will still the values to be distributed according to his wishes- are will assets... Read more »
In general, a will is the written documentation of the intent of the testator. If the assets are gone, it is unlikely that they could be distributed according to the will. A lot depends on if they are percentage distribution or specific monetary values. I would contact an attorney for a review of...Read more »
Passing a durable power of attorney (POA) generally requires a new POA to be executed by the principle, and based on your state this POA needs to be notarized, signed in the presence of two witnesses, or both.
He had no spouse, only 3 children. He left only his personal belongings, some of which have monetary resale value, others sentimental value (no bank accounts, etc). All of his personal belongings were moved to one of my sister's houses when we moved him into a nursing home 2 years ago.... Read more »
Although personal property like this might be distributed by affidavit (if such procedure is available in your state) you need a court order to get the items from your sister. Call an attorney in your state who does probate matters.
The primary distinction is that formal administration is overseen by a judge whereas informal administration is overseen by the Register in Probate. If there are going to be issues that must be decided by a judge (contested will provision, for example), then formal administration is the way to go....Read more »
MY FRIEND LOST HER GRANDSON IN THE ARMED FORCES, WAS LISTED AS A BENEFICIARY ON HIS LIFE INSURANCE POLICY. IS HER HUSBAND ENTITLED TO HALF OF IT, OR IS IT PROTECTED UNDER WISCONSIN STATUTE 815.18 (2)(5K)? EXCLUSIONS OF MARITALL PROPERTY IN THE STATE OF WISCONSIN
Generally, proceeds from a life insurance policy will be considered individual property, rather than marital property. However, it is possible for individual property to lose its status as individual property if it gets mixed with marital property.
The answer to this question depends on a few things: 1-the size of the entire estate, including life insurance, IRAs, real estate, etc. If the estate was large enough to have an estate tax, then the tax will have to be paid before you get the property. 2- what year did the decedent die? This is...Read more »
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